Auto-copy is a setting on a single live portfolio, not an account-wide switch. A paper portfolio cannot auto-copy, and turning it on for one live portfolio leaves your others alone.

1. Open a live portfolio and find the Auto-copy panel.
2. Set your caps (below), then enable it. It starts acting on the next trade a followed whale makes, not on their history.

Every order is sized as the smallest of the ceilings that apply, and it never rounds up to reach a venue minimum. An order you did not authorise is worse than no order.

• Copy amount: what you want to put behind each copied trade. The starting point for sizing.
• Max order: a hard ceiling on any single order, whatever the copy amount says.
• Daily cap: total notional this portfolio may place in a day. Once it is used up, everything is skipped until the window rolls.
• Max positions: how many open positions the portfolio may hold at once.
• Max slippage: how much worse than the whale's own fill price you are willing to pay, in basis points.

Auto-copy is written as a sequence of reasons to refuse, checked in order. The first one that trips stops the order and is recorded. If you are wondering why a trade you saw in the feed did not turn into a position, it is one of these.

• Paused: auto-copy is off, or it paused itself. A pause carries a reason, which the panel shows.
• Stale: the trade was more than 15 minutes old by the time it was seen. Late copies chase a price that has already moved.
• No venue match: there was no usable price on your venue for that market.
• Skipped, slippage: the price you would actually have paid was further from the whale's fill than your slippage cap allows. This is the gate that fires most, and it is the one doing the most work.
• Skipped, limit: you are at your position cap, or the daily cap is used up.
• Insufficient funds: the venue balance is below the minimum order size.
• Below minimum: the size the caps allowed came out under the venue's minimum order. It is skipped rather than rounded up.
• Duplicate: this trade was already copied. Protects against the same fill being seen twice.

Every decision is written down, including the refusals, with the reason and the measured slippage. A run that placed nothing is not a run that did nothing, and the log is how you tell the two apart. It is the first place to look when a portfolio is quieter than you expected.

• Auto-copy only ever acts on trades that happen after you switch it on. It does not backfill a whale's history.
• The caps are checked on every order, not just at setup, so lowering one takes effect immediately.
• Turning auto-copy off leaves your open positions alone. Close them yourself if that is what you want.